Santos Drops Bid For QGC After Regulatory Snub

Law360 (February 21, 2007, 12:00 AM EST) -- Australia’s largest gas producer has dropped plans to merge with the Queensland Gas Company (QGC) after the federal watchdog slammed its proposed bid for being anti-competitive.

Santos Ltd. said Wednesday it had abandoned its hopes of acquiring a chunk of QGC, saying in a statement that its US$559 million takeover bid was contingent on regulatory clearance.

The company said that as a result of the Australian Competition and Consumer Commission’s decision, announced to the stock exchange Tuesday, this proviso -- the first condition of Santos’ offer...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.